According to Costco, per Tiffany's request, it removed signs using the name to advertise the rings. So naturally, when Costco began calling diamond rings “Tiffany” rings on store signage, shoppers assumed they were getting a tremendous deal on the real thing, and gobbled them up. Their stance was reportedly that the word “Tiffany” has become a generic term, “like Popsicle or dumpster.” But neither jury members nor Judge Swain bought that notion. Judge Swain is set to oversee a new trial about these controversial engagement rings. Sorry, but a "Tiger Cruise" Doesn't Involve Endangered Animals or Joe Exotic, This Latest TikTok Filter Will Help You Channel Your Inner Pinocchio, No, Uma Thurman Does Not Play Mrs. Claus in the Capital One Santa Commercial. We expect more from our industry and demand more from our suppliers. The rings were actually generic diamond engagement rings, Reuters reports. #Tiffany #TiffanyAndCo, A post shared by Tiffany & Co. (@tiffanyandco) on Jan 21, 2020 at 4:00am PST. Cumulative Growth of a $10,000 Investment in Stock Advisor, $21 Million Judgment Against Costco for Fake Tiffany Rings Overturned @themotleyfool #stocks $COST $TIF, Don't Be Fooled By Its Low Yield -- Costco Is a Great Dividend Stock, Costco Declares $10 Special Cash Dividend, Copyright, Trademark and Patent Information. Returns as of 11/30/2020. Tiffany has pledged to continue pursuing a legal remedy; general counsel Leigh Harlan said in a statement that the original judgment "is a clear indicator of the strength of the Tiffany brand, and of the jury's outrage over Costco's actions.". People who are into Costco tend to be really, really into it. The new ruling is the latest development in a long-running legal war between Costco and Tiffany. Market data powered by FactSet and Web Financial Group. When the case hit federal appeals court, the initial decision was overturned. Costco hasn't commented on the overturning of the award. Now Costco is officially banned from using the word “Tiffany” on any signage or to describe any products that aren’t directly connected to Tiffany & Co. itself. Let's conquer your financial goals together...faster. When Asked to Wear a Mask, Costco Customer Has Meltdown for "Covidiotic" Response to Face Masks. The $21 million judgment was handed down in 2015. So naturally, when Costco began calling diamond rings “Tiffany” rings on store signage, shoppers assumed they were getting a tremendous deal on the real thing, and gobbled them up. Costco may owe $19 million for selling faux Tiffany & Co. diamond rings. The decision was 3-0, and it was based on the appeals court's finding that "reasonable" jurors could figure out that "Tiffany" was not being unfairly appropriated. This wasn’t the first time that Costco and Tiffany went head to head, or that Judge Swain has handed down a ruling against them. “The 2nd U.S. See you at the top! They could surmise, the ruling stated, that the appellation "is not only a brand name, but also a widely recognized descriptive term for a particular style of pronged ring setting.". Over the course of a varied career, he has also been a radio newscaster, an investment banker, and a bass player in a selection of rock and roll bands. Costco’s management “displayed at best a cavalier attitude toward Costco’s use of the Tiffany name in conjunction with ring sales and marketing,” U.S. District Judge of the Southern District of New York Laura Taylor Swain shared in her final ruling. The big retailer has used the latter's name to advertise a line of diamond engagement rings it sells; in 2013, Tiffany sued it for doing so, after being contacted by a Costco shopper alerting the jewelry company to the use of the name. The Tiffany brand is one of the biggest brand names in the world of jewelry and fine homewares. On Monday, a federal appeals court in Manhattan overturned the $21 million judgment previously awarded in Tiffany's (NYSE:TIF) favor, on the grounds that the judge made the ruling improperly. ", Circuit Judge Debra Ann Livingston said “reasonable jurors could find that Costco’s use of ‘Tiffany’ was unlikely to confuse customers or make them think Tiffany endorsed the rings.”. Eric has been writing about stocks and finance since the mid-1990s, when he lived in Prague, Czech Republic. Discover more via the link in bio. That didn't prevent Tiffany from filing the original lawsuit, which it did several months later. She also said that discerning customers would know the difference, and that Costco was acting in good faith. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Here’s the COVID-19 Cake Drama That Has People in an Uproar, Florida Man at Costco Charges and Yells "I Feel Threatened!" Stock Advisor launched in February of 2002. Stay tuned! The Tiffany brand is one of the biggest brand names in the world of jewelry and fine homewares. But lately, the chain that is well-loved for bargain prices has come under fire for reportedly misleading shoppers with marketing language around diamond rings that ended in a giant, heated lawsuit.

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